MIAMI, FL – July 27, 2020 – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, is pleased to announce operational performance data for June 2020, along with preliminary fiscal Q2 performance data, both of which demonstrate a continued robust trend of growth in sales, prescriptions, 340B income, and COVID-19 testing service revenues.
• Consolidated monthly gross sales across all locations during the month of June totaled $3.35 million, representing monthly sequential growth of 12% compared to May 2020
• Consolidated preliminary sales for the three months ended June 30, 2020, totaled $9.32 million, representing quarterly year-over-year growth of 33.2%
• Prescriptions filled during the month of June came in at 44,251, representing monthly sequential growth of 11% compared to May 2020
• 340B claim processing from FQHCs produced roughly $229K in net income, up over 80% on a monthly sequential basis
• Expanded COVID-19 testing service to additional counties with strong demand, additional expansion underway
“We had a tremendous quarter with another great month, and calendar Q3 is off to a busy start on all fronts, particularly as we continue to step to the frontline in COVID-19 testing services,” remarked S. Parikh Mars, CEO of Progressive Care. “Preliminary numbers on Q2 look strong with growth on a consolidated y/y basis topping 33%. That is particularly gratifying given the extraordinary nature of the context that will forever define those three months. That said, for Floridians, the struggle is still very much ongoing, and we will continue to be there in the trenches with our valued patients, clients, customers, and provider partners.”
Management notes that the Company has been aggressively expanding its antibody testing operations. As noted in its release dated July 14, Progressive Care expanded its antibody testing regional footprint to include Palm Beach County. The Company plans to further expand this territory in the near future as well.
This service has been met with extremely strong demand at its Dade County location, depleting testing kit inventories through on-site administrations. In response to both this surge in demand and the expansion in regional coverage, the Company has implemented processes to ensure supply of antibody testing kits for sale and administration across all four counties.
“We have now established leadership in contactless delivery of pharmacy services and access to rapid-results antibody testing in Dade, Broward and Palm Beach counties,” added Mars. “We are grateful for the opportunity to extend the scope of that commitment wherever we can.”
For more information about Progressive Care, please visit the company’s website.
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Progressive Care Inc.
About Progressive Care Inc.
Progressive Care Inc. (OTCQB: RXMD), through its subsidiaries a personalized healthcare services and technology company which provides prescription pharmaceutical services, risk management and data analytics to healthcare organizations and providers.
Cautionary Statement Regarding Forward-Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance, and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target,” “intend” and “expect” and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
Investor Relations Contact: Armen Karapetyan, Progressive Care Senior Advisor Business Development Armen@progressivecareus.com
Public Relations Contact: Carlos Rangel firstname.lastname@example.org
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